Led by stronger prices and climbing volumes, Marathon Oil (NYSE:MRO) reported Monday a stronger-than-expected 68.5% increase in third-quarter earnings.
The Houston-based company posted net income of $696 million, or 98 cents a share, compared with $413 million, or 58 cents a share, in the same quarter last year.
Excluding one-time items, the company earned $1 a share, just ahead of average analyst estimates polled by Thomson Reuters of 95 cents.
Revenue for the natural gas and oil explorer was $18.57 billion, up 28.3% from $14.477 billion a year ago, beating the Street’s view of $17.29 billion.
“Marathon had another strong quarter, with a continued focus on operational and financial performance across our business segments,” said Clarence P. Cazalot Jr., Marathon’s chief executive, who attributed growth to “strong reliability” at its major operations in Norway and Equatorial Guinea and “strong” same store sales growth at its Speedway SuperAmerica retail stores.
The company gained on exploration and production income in the United States, which more than tripled to $99 million on higher prices of liquid hydrocarbon and natural gas as well as stronger sales volumes.
Marathon also grew from its integrated gas segment, up to $41 million from $13 million a year ago, while its refining, marketing and transportation unit increased about 80%.
The gains were partially offset by a slight decline in international exploration earnings, down to $411 million from $459 million a year ago on higher income taxes.